New economic indicators show that small business hiring stalled in May and 71% of small businesses feel the economy is still in a recession. Clearly, the economy is growing even slower than initially estimated. Getting Americans back to work requires pro-growth policies that boost the small businesses and startups. While the President is focused on his phantom “to-do” list, House Republicans are squarely focused on implementing solutions to spur economic growth. Today, Leader Cantor will join Congressman Tim Scott’s entrepreneurship conference, Revitalizing America, in a discussion with job creators and thought leaders focused on measures to help small business owners and entrepreneurs get back in the game, invest in their businesses, grow and create jobs. As Leader Cantor told Bloomberg, startups, entrepreneurs and small business owners are "critical to how we’re going to regain the growth prospects in the economy."
Today In History: In 1859, the famous tower clock known as Big Ben, located at the top of the 320-foot-high St. Stephen's Tower, rang out over the Houses of Parliament in Westminster, London, for the first time.
Birthdays: Ryan Garber, Rep. Larry Bucshon, Walt Whitman, Clint Eastwood, Colin Farrell, Brooke Shields, Joe Namath and belated birthday wishes to Frank Thorp.
Here are the Top 6 things you need to know today…
1. State Of Play: More Disappointing Economic Data, Jobless Claims Up, Private Sector Growth Down. Jobless claims rose last week, private employment growth disappointed while growth was less than originally reported in the first quarter, according to reports that provide few bright spots for the economy. Private-sector jobs growth came in at a disappointingly weak 133,000 from April to May, according to a report from ADP and Macroeconomic Advisors that adds to a bleak outlook for employment. A day before the government releases its report for nonfarm payrolls in May, the ADP report showed that job growth continues to slow. Economists had expected the report to show nongovernment jobs grew by 150,000. "This number could have some weather payback in it, but I think basically it confirms and reinforces the notion that there was a sharp deceleration of employment in the springtime months," Joel Prakken, chairman of Macroeconomic Advisors, told CNBC's Squawk Box. "It's not particularly surprising given the recent weakness in the macroeconomic data, but it's certainly disappointing and well short of what we need to see the national unemployment rate fall on a consistent basis." CNBC
2. Pro-Growth: House Is Acting On Pro-Growth Solutions To Spur Small Business Job Creation And Hiring, Meanwhile President Obama And Senate Democrats Chase Pavement. House Republicans have already passed a 20 percent tax cut for businesses with fewer than 500 employees, which the White House has threatened to veto because much of the benefits would go to millionaires regardless of whether they hire anyone or expand their business…House Republican leadership aides note that the Senate has not yet passed a small-business tax cut, so talk of taking up the president’s idea or holding a conference is premature. And House GOP leadership has criticized Obama’s plan, with Cantor earlier this month saying the president “wants to direct small businesses and how they commit their capital,” while “we believe that we ought to let the investors decide on how best to allocate their capital.” The Virginia Republican was in his Congressional district Tuesday and appeared on Fox Business with a local small-business owner to promote H.R. 9, the 20 percent tax cut for small businesses. “What it takes is lessening the burden from Washington and reducing taxes, which is why I have talked about a small-business tax cut,” Cantor said on the program. Roll Call
3. Small Biz: Small Businesses Grade Virginia As One Of The Top 10 Friendliest States For Business. Today Thumbtack.com, in partnership with the Kauffman Foundation, has released new data showing that small businesses rank Virginia among the top ten friendliest states nationwide towards small business. There are a lot of “business climate rankings,” but there aren’t any that draw upon considerable data from small business owners themselves. The Thumbtack.com Small Business Survey is the only survey to draw data from an extensive, nationwide universe of job creators and entrepreneurs themselves in order to investigate the best places in the country to do business. “After a two-month survey of over 6,000 small business owners nationwide, Virginia again comes out on top as one of the nation's friendliest states for small business,” said Sander Daniels, co-founder of Thumbtack.com. “For small businesses looking for a place to hang a shingle or to plant a flag, they can’t do much better than Virginia.” Thumbtack.com
4. Reg Row: Rep. Tim Scott: The Regulatory Environment Has Never Been Worse For Small Business. “It's created an amazing challenge in the small business community. I was an entrepreneur for the last 14 years, and when I talk to my friends who are still doing it, they say the regulations and legislation like Dodd-Frank is really stopping them from being able to do anything called lending and/or borrowing. If you look at the impact on my district, we had one builder who wanted to go into business went to 27 banks to try and find a loan with a beacon score over 800. It's quite difficult because they want so much skin in the game in order to even get a loan. It is a horrible position to be in as a small business owner. Then you stack on top of that the new ObamaCare coming forward and if the average small business makes about $5,000 in profits, this represents about a 40% reduction in profit per employee because of one piece of legislation. So the regulatory environment has never been worse in this county for small business owners who create about 65 percent of the jobs.” CNBC
5. Keeping Tabs: Leader Cantor Applauds House Approval Of FDA Reform, Passes With Overwhelming Bipartisan Support. “Today, the House passed bipartisan FDA reforms that will bring transparency and consistency to the approval process and make sure America remains the global leader in medical innovation. Our nation’s innovators will have increased incentives to develop life-saving drugs, biologics, and devices, which will save patient lives as well as boost job creation and economic growth. I thank Chairman Fred Upton, Chairman Joe Pitts and the Members of the Energy and Commerce Committee for months of hard work to end regulatory uncertainty and implement pro-growth solutions.” Press Release
6. The Road Ahead: Editorial: We Can’t Afford Four More Years Of President Obama’s Failed Economic & Health Care Policies. Should the U.S. Supreme Court uphold ObamaCare, Mr. Obama's signature legislative "accomplishment," government's reach will extend into 17 percent of the U.S. economy, beginning next year with new taxes on investment income. And don't expect any kind of correction in government's spending and spiraling debt from an administration that has increased annual spending from $3 trillion in 2008 to $3.5 trillion in 2010 and is on course to grow it to $5.5 trillion in less than a decade, writes Pete du Pont for The Wall Street Journal. Reforming the sinkholes of entitlement spending (Social Security, Medicare) would be moot, as would be any energy policy that taps America's vast natural resources. Four more years of President Obama? America cannot afford it. Pittsburgh Tribune-Review
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